GLICO Funeral Plan(Ideal) – FAQs
1. What is this policy for? It helps cover funeral and related costs after the death of a loved one.
2. Who can be covered?
3. What is the sum assured?
4. What happens when a Life Assured dies? The full sum assured is paid to beneficiaries once the waiting period is satisfied.
5. Is there an accidental death benefit? Yes. For the Main Life or Spouse(s), beneficiaries receive the sum assured plus an extra 50%.
6. What if the Main Life or Spouse becomes permanently disabled? Up to 100% of the sum assured is paid, depending on severity. A six-month deferred period applies.
7. Can a deceased life be replaced? Yes. Family members can be swapped in, with waiting periods (6 months for spouse/children, 12 months for parents/extended family).
8. How long are children covered? Coverage ends when a child reaches age 30.
9. What is a premium holiday? After 24 months of continuous payment, the Policyholder can take one month off premiums each year with prior notice.
10. Is there a loyalty benefit? Yes. A 5% cashback on premiums is given every 5 years if no claim is made and premiums are up to date.
11. What is the one-week and one-year celebration benefit? Beneficiaries receive 5% of the sum assured for funeral and memorial costs.
12. What is the waiver of premium? If the Main Life becomes permanently disabled or reaches age 65, premiums stop but cover continues until age 100.
13. Do benefits increase over time? Yes. Benefits grow at 5% annually, with premiums adjusted upward. Higher escalation options are available.
14. What is the waiting period?
15. Can premiums be paid in bulk? Yes. Payments can be made monthly, quarterly, semi-annual, or annual.
16. Is there a surrender value? No. The policy has no surrender benefit.
17. When does the policy end? It ends if:
GLICO Funeral Plan (Ideal) – General Conditions FAQs
1. What is “the Contract”? It is the agreement between the Policyholder and GLICO LIFE, based on the information provided in the application and declarations.
2. In what currency are payments made? All payments to or from GLICO LIFE are made in Ghanaian cedis.
3. Which law governs this policy? The policy is governed by the laws of Ghana and disputes fall under Ghanaian courts.
4. How are disputes resolved? Parties first try to settle disputes amicably. If unresolved within 30 days, the matter is referred to the National Insurance Commission.
5. Can the policy be assigned? Yes. Assignments can be recorded at GLICO LIFE’s Head Office with proper documents, but GLICO LIFE does not guarantee their validity.
6. How can premiums be paid? Premiums can be paid via bank standing order, direct debit, Mobile Money (MOMO), cheque, or employer source deduction. Payments are due monthly in advance, but can also be made quarterly, half-yearly, or annually.
7. What happens if premiums are missed?
8. What is the grace period for premium payments? One calendar month is allowed as a grace period.
9. How are claims made? Claims must be submitted with the policy document and required proof (death certificate, medical report, ID, etc.). Notification must be made within the stipulated time (two years for death, three months for disability).
10. What documents are needed for claims?
11. Can GLICO LIFE investigate a claim? Yes. GLICO LIFE has the right to investigate any claim before paying benefits.
12. How will I know the decision on my claim? Claimants receive a written decision. If denied, reasons and review procedures are provided.
13. When does insurance become effective? It starts when all insurability conditions are met, approved by GLICO LIFE, and the first premium is paid within 31 days.
14. What if the age of the Life Assured was misstated? Benefits will be adjusted to what the premiums paid would have purchased at the correct age.
15. Can the policy be amended? Yes. GLICO LIFE may amend terms and will communicate changes to the Policyholder through official channels.
16. How are proceeds paid? Proceeds may be settled under optional methods approved by GLICO LIFE.
17. Are there travel restrictions? No restrictions on travel, but the Policyholder must be a permanent resident in Ghana at the time of sign-up.
18. What happens if the Policyholder commits suicide? If suicide occurs within two years of the policy start or reinstatement, only the premiums paid will be refunded.
19. Can GLICO LIFE contest my policy? After two years in force, the policy cannot be contested except for fraud, misrepresentation, or non-payment of premiums.
20. When is GLICO LIFE’s responsibility discharged? Once payment is made under the policy, GLICO LIFE has no further obligations.
21. Can GLICO LIFE request medical checks? Yes. GLICO LIFE may request medical examinations or an autopsy (where legally allowed) while a claim is pending.
22. What if GLICO LIFE overpays a claim? Any overpayments must be reimbursed. Future benefits may be reduced to recover the amount.
23. Can policy provisions be waived? Yes, but only in writing and signed by GLICO LIFE’s Chief Operations Officer.
24. Will excess premiums be refunded? Yes, but only the portion paid before GLICO LIFE became aware of the overpayment.
25. What if there is a clerical error? Errors will not cancel valid insurance or extend invalid insurance. Premiums will be adjusted fairly if needed.
26. What exclusions apply to death benefits? No benefits are paid if death results from:
In such cases, only premiums paid will be refunded without interest.
27. How does correspondence work? All communication is sent to the last known address or email provided. GLICO LIFE assumes correspondence has been received and read.